Exhibit 99.1

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TEXAS PACIFIC LAND CORPORATION ANNOUNCES THIRD QUARTER RESULTS
Earnings Call to be held 7:30 am CT on Thursday, November 7, 2024
DALLAS, TX (November 6, 2024) – Texas Pacific Land Corporation (NYSE: TPL) (the “Company” or “TPL”) today announced its financial and operating results for the third quarter of 2024.
Third Quarter 2024 Highlights
Acquired mineral interests across approximately 4,106 net royalty acres located in the northern Delaware Basin for a purchase price of $120.3 million, net of post-close adjustments, in an all-cash transaction

Acquired approximately 4,120 surface acres and other surface-related assets located in the core of the Midland Basin for a purchase price of $45.0 million, in an all-cash transaction

Royalty production of 28.3 thousand barrels of oil equivalent (“Boe”) per day

As of September 30, 2024, TPL’s royalty acreage had an estimated 6.9 net well permits, 11.8 net drilled but uncompleted wells, 3.4 net completed wells, and 79.2 net producing wells. Net producing wells added during the quarter had an average lateral length of approximately 7,659 ft.

Consolidated net income of $106.6 million, or $4.63 per share (diluted)

Adjusted EBITDA(1) of $144.1 million

Free cash flow (1) of $106.9 million

Special cash dividend of $10.00 per share was paid on July 15, 2024

Quarterly cash dividend of $1.17 per share was paid on September 17, 2024

Nine Months Ended September 30, 2024 Highlights

The Company announced the development of a new energy-efficient method of produced water desalination and treatment. The Company has successfully conducted a technology pilot and is progressing towards the construction of a larger test facility with an initial capacity of 10,000 barrels of produced water per day.

Three-for-one stock split effected March 26, 2024

Royalty production of 26.0 thousand Boe per day

Consolidated net income of $335.6 million, or $14.58 per share (diluted)

Adjusted EBITDA(1) of $449.4 million

Free cash flow (1) of $337.3 million

$310.6 million of total cash dividends paid through September 30, 2024 (composed of a $10.00 per share special dividend and $1.17 per share in regular quarterly cash dividends)

$22.7 million of common stock repurchases

(1) Reconciliations of Non-GAAP measures are provided in the tables below.
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“Our strong results this quarter showcase the benefit of a strategy predicated on robust active management on our legacy assets combined with opportunistic growth,” said Tyler Glover, Chief Executive Officer of the Company. “Record royalty production during the quarter was driven by our outstanding legacy royalty position, and we anticipate that our recently announced acquisitions will also meaningfully enhance our royalty production going forward. In addition, we continue to execute on new opportunities leveraging our surface and water assets, with prior acquisitions of strategic surface acreage and pore-space easements facilitating numerous new commercial agreements with high-quality operator customers. The 37% increase to the regular dividend announced today is largely supported by our recent acquisitions, which we expect to provide a substantial uplift to our near-term financial results and to strengthen our long-term growth outlook.”

Financial Results for the Third Quarter of 2024 - Sequential

The Company reported net income of $106.6 million for the third quarter of 2024 compared to net income of $114.6 million for the second quarter of 2024.

Total revenues for the third quarter of 2024 were $173.6 million compared to $172.3 million for the second quarter of 2024. The increase in revenues was primarily due to a $4.6 million increase in oil and gas royalty revenue and a $2.4 million increase in produced water royalties, partially offset by a $4.4 million decrease in water sales compared to the second quarter of 2024. The decrease in water sales was principally due to a decrease of 9.0% in water sales volumes for the third quarter of 2024 compared to the second quarter of 2024. The Company’s share of production was 28.3 thousand Boe per day for the third quarter of 2024 versus 24.9 thousand Boe per day for the second quarter of 2024, and the average realized price was $38.04 per Boe in the third quarter of 2024 compared to $41.44 per Boe in the second quarter of 2024. TPL's revenue streams are directly impacted by commodity prices and development and operating decisions made by its customers.

Total operating expenses were $46.2 million for the third quarter of 2024 compared to $39.1 million for the second quarter of 2024. The change in operating expenses was principally related to an increase in legal and professional fees during the third quarter of 2024, partially offset by a decrease in water service-related expenses over the same period.

Financial Results for the Third Quarter of 2024 - Year Over Year

Total revenues for the nine months ended September 30, 2024 were $520.0 million compared to $464.9 million for the same period of 2023. All revenue streams, except land sales and easements and other surface-related income, increased for the nine months ended September 30, 2024 with the $28.2 million increase in water sales being the biggest contributor. The growth in water sales was principally due to an increase of 27.6% in water sales volumes for the nine months ended September 30, 2024 compared to the same period of 2023. Additionally, oil and gas royalty revenue increased $17.7 million primarily due to higher production volumes for the nine months ended September 30, 2024 compared to the same period of 2023. Oil and gas royalty revenue for the nine months ended September 30, 2023 included an $8.7 million settlement with an operator with respect to unpaid oil and gas royalties for older production periods. Excluding the impact of the $8.7 million settlement on oil and gas royalty revenues for the nine months ended September 30, 2023, oil and gas royalty revenue for the nine months ended September 30, 2024 increased $26.4 million over the same period of 2023. The Company’s share of production was 26.0 thousand Boe per day for the nine months ended September 30, 2024 versus 22.6 thousand Boe per day for the same period of 2023. The average realized price was $40.60 per Boe for the nine months ended September 30, 2024 versus $42.49 per Boe for the same period of 2023. TPL’s revenue streams are directly impacted by commodity prices and development and operating decisions made by its customers.

Total operating expenses were $123.4 million for the nine months ended September 30, 2024 compared to $112.7 million for the same period of 2023. The change in operating expenses was principally related to an increase in water service-related expenses due to the 27.6% increase in water sales volumes for the nine months ended September 30, 2024 compared to the same period of 2023.

Quarterly Dividend Declared

On November 4, 2024, the Company's Board of Directors declared a quarterly cash dividend of $1.60 per share, payable on December 16, 2024 to stockholders of record at the close of business on December 2, 2024.

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Conference Call and Webcast Information

The Company will hold a conference call on Thursday, November 7, 2024 at 7:30 a.m. Central Time to discuss third quarter results. A live webcast of the conference call will be available on the Investors section of the Company’s website at www.TexasPacific.com. To listen to the live broadcast, go to the site at least 15 minutes prior to the scheduled start time in order to register and install any necessary audio software.

The conference call can also be accessed by dialing 1-877-407-4018 or 1-201-689-8471. The telephone replay can be accessed by dialing 1-844-512-2921 or 1-412-317-6671 and providing the conference ID# 13745174. The telephone replay will be available starting shortly after the call through November 21, 2024.

About Texas Pacific Land Corporation

Texas Pacific Land Corporation is one of the largest landowners in the State of Texas with approximately 873,000 acres of land, with the majority of its ownership concentrated in the Permian Basin. The Company is not an oil and gas producer, but its surface and royalty ownership provide revenue opportunities throughout the life cycle of a well. These revenue opportunities include fixed fee payments for use of our land, revenue for sales of materials (caliche) used in the construction of infrastructure, providing sourced water and/or treated produced water, revenue from our oil and gas royalty interests, and revenues related to saltwater disposal on our land. The Company also generates revenue from pipeline, power line and utility easements, commercial leases and temporary permits related to a variety of land uses including midstream infrastructure projects and hydrocarbon processing facilities.

Visit TPL at www.TexasPacific.com.

Cautionary Statement Regarding Forward-Looking Statements

This news release may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, that are based on TPL’s beliefs, as well as assumptions made by, and information currently available to, TPL, and therefore involve risks and uncertainties that are difficult to predict. Generally, future or conditional verbs such as “will,” “would,” “should,” “could,” or “may” and the words “believe,” “anticipate,” “continue,” “intend,” “expect” and similar expressions identify forward-looking statements. Forward-looking statements include, but are not limited to, references to strategies, plans, objectives, expectations, intentions, assumptions, future operations and prospects and other statements that are not historical facts. You should not place undue reliance on forward-looking statements. Although TPL believes that plans, intentions and expectations reflected in or suggested by any forward-looking statements made herein are reasonable, TPL may be unable to achieve such plans, intentions or expectations and actual results, and performance or achievements may vary materially and adversely from those envisaged in this news release due to a number of factors including, but not limited to: the initiation or outcome of potential litigation; and any changes in general economic and/or industry specific conditions. These risks, as well as other risks associated with TPL are also more fully discussed in our Annual Report on Form 10-K and our Quarterly Reports on Form 10-Q. You can access TPL’s filings with the Securities and Exchange Commission (“SEC”) through the SEC's website at www.sec.gov and TPL strongly encourages you to do so. Except as required by applicable law, TPL undertakes no obligation to update any forward-looking statements or other statements herein for revisions or changes after this communication is made.

Contact:
Investor Relations
IR@TexasPacific.com
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FINANCIAL AND OPERATIONAL RESULTS
(unaudited)

Three Months Ended
Nine Months Ended
September 30,
2024
June 30,
2024
September 30,
2024
September 30,
2023(2)
Company’s share of production volumes(1):
Oil (MBbls)
1,046 967 3,003 2,642 
Natural gas (MMcf)
4,654 3,851 12,312 10,405 
NGL (MBbls)
779 661 2,073 1,784 
Equivalents (MBoe)
2,600 2,270 7,128 6,160 
Equivalents per day (MBoe/d)
28.3 24.9 26.0 22.6 
Oil and gas royalty revenue (in thousands):
Oil royalties$75,427 $74,747 $222,788 $193,969 
Natural gas royalties4,201 2,367 13,630 23,210 
NGL royalties14,816 12,699 39,959 32,800 
Total oil and gas royalties$94,444 $89,813 $276,377 $249,979 
Realized prices (1):
Oil ($/Bbl)
$75.53 $80.93 $77.68 $76.88 
Natural gas ($/Mcf)
$0.98 $0.66 $1.20 $2.41 
NGL ($/Bbl)
$20.57 $20.78 $20.84 $19.88 
Equivalents ($/Boe)
$38.04 $41.44 $40.60 $42.49 
(1)TermDefinition
BblOne stock tank barrel of 42 U.S. gallons liquid volume used herein in reference to crude oil, condensate or NGLs.
MBblsOne thousand barrels of crude oil, condensate or NGLs.
MBoeOne thousand Boe.
MBoe/dOne thousand Boe per day.
McfOne thousand cubic feet of natural gas.
MMcfOne million cubic feet of natural gas.
NGLNatural gas liquids. Hydrocarbons found in natural gas that may be extracted as liquefied petroleum gas and natural gasoline.
(2)
The metrics and dollars provided for the nine months ended September 30, 2023 exclude the impact of an $8.7 million settlement with an operator with respect to unpaid oil and gas royalties.
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CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(in thousands, except share and per share amounts) (unaudited)


 Three Months Ended
Nine Months Ended
 September 30,
2024
June 30,
2024
September 30,
2024
September 30,
2023
Revenues:
Oil and gas royalties$94,444 $89,813 $276,377 $258,644 
Water sales36,211 40,650 113,987 85,799 
Produced water royalties27,727 25,301 76,034 61,824 
Easements and other surface-related income14,280 16,570 51,496 51,865 
Land sales901 — 2,145 6,806 
Total revenues173,563 172,334 520,039 464,938 
Expenses:
Salaries and related employee expenses14,030 12,771 39,262 32,688 
Water service-related expenses11,731 14,824 36,767 24,496 
General and administrative expenses4,029 3,673 12,626 10,738 
Legal and professional fees8,316 2,307 14,680 28,471 
Ad valorem and other taxes2,189 1,444 5,990 5,425 
Land sales expenses175 — 425 49 
Depreciation, depletion and amortization5,762 4,093 13,695 10,881 
Total operating expenses46,232 39,112 123,445 112,748 
Operating income127,331 133,222 396,594 352,190 
Other income, net8,086 13,220 31,249 20,239 
Income before income taxes135,417 146,442 427,843 372,429 
Income tax expense28,823 31,853 92,243 79,894 
Net income$106,594 $114,589 $335,600 $292,535 
Net income per share of common stock (1)
Basic$4.64 $4.99 $14.60 $12.69 
Diluted$4.63 $4.98 $14.58 $12.68 
Weighted average number of shares of common stock outstanding (1)
Basic22,979,781 22,987,971 22,990,213 23,054,073 
Diluted23,012,169 23,013,793 23,016,733 23,072,955 
(1)All share and share price amounts reflect the three-for-one stock split effected on March 26, 2024.
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SEGMENT OPERATING RESULTS
(dollars in thousands) (unaudited)

Three Months Ended
September 30,
2024
June 30,
2024
Revenues:
Land and resource management:
Oil and gas royalties$94,444 54 %$89,813 52 %
Easements and other surface-related income11,303 %14,219 %
Land sales901 — %— — %
Total land and resource management revenue106,648 61 %104,032 60 %
Water services and operations:
Water sales36,211 21 %40,650 24 %
Produced water royalties27,727 16 %25,301 15 %
Easements and other surface-related income2,977 %2,351 %
Total water services and operations revenue66,915 39 %68,302 40 %
Total consolidated revenues$173,563 100 %$172,334 100 %
Net income:
Land and resource management$71,870 67 %$80,129 70 %
Water services and operations34,724 33 %34,460 30 %
Total consolidated net income$106,594 100 %$114,589 100 %
Nine Months Ended
September 30,
2024
September 30,
2023
Revenues:
Land and resource management:
Oil and gas royalties$276,377 54 %$258,644 56 %
Easements and other surface-related income43,643 %49,826 11 %
Land sales2,145 — %6,806 %
Total land and resource management revenue322,165 62 %315,276 68 %
Water services and operations:
Water sales113,987 22 %85,799 19 %
Produced water royalties76,034 15 %61,824 13 %
Easements and other surface-related income7,853 %2,039 — %
Total water services and operations revenue197,874 38 %149,662 32 %
Total consolidated revenues$520,039 100 %$464,938 100 %
Net income:
Land and resource management$232,970 69 %$217,860 74 %
Water services and operations102,630 31 %74,675 26 %
Total consolidated net income$335,600 100 %$292,535 100 %
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NON-GAAP PERFORMANCE MEASURES AND DEFINITIONS

In addition to amounts presented in accordance with generally accepted accounting principles in the United States of America (“GAAP”), we also present certain supplemental non-GAAP performance measurements. These measurements are not to be considered more relevant or accurate than the measurements presented in accordance with GAAP. In compliance with the requirements of the SEC, our non-GAAP measurements are reconciled to net income, the most directly comparable GAAP performance measure. For all non-GAAP measurements, neither the SEC nor any other regulatory body has passed judgment on these non-GAAP measurements.

EBITDA, Adjusted EBITDA and Free Cash Flow

EBITDA is a non-GAAP financial measurement of earnings before interest expense, taxes, depreciation, depletion and amortization. Its purpose is to highlight earnings without finance, taxes, and depreciation, depletion and amortization expense, and its use is limited to specialized analysis. We calculate Adjusted EBITDA as EBITDA plus employee share-based compensation. Its purpose is to highlight earnings without non-cash activity such as share-based compensation and other non-recurring or unusual items, if applicable. We calculate Free Cash Flow as Adjusted EBITDA less current income tax expense and capital expenditures. Its purpose is to provide an additional measure of operating performance. We have presented EBITDA, Adjusted EBITDA and Free Cash Flow because we believe that these metrics are useful supplements to net income in analyzing the Company’s operating performance. Our definitions of EBITDA, Adjusted EBITDA and Free Cash Flow may differ from computations of similarly titled measures of other companies.

The following table presents a reconciliation of net income to EBITDA, Adjusted EBITDA and Free Cash Flow for the three months ended September 30, 2024 and June 30, 2024 and for the nine months ended September 30, 2024 and September 30, 2023 (in thousands):
Three Months Ended
Nine Months Ended
September 30,
2024
June 30,
2024
September 30,
2024
September 30,
2023
 Net income $106,594 $114,589 $335,600 $292,535 
 Add:
Income tax expense 28,823 31,853 92,243 79,894 
Depreciation, depletion and amortization5,762 4,093 13,695 10,881 
 EBITDA 141,179 150,535 441,538 383,310 
 Add:
Employee share-based compensation2,935 2,700 7,855 7,217 
Adjusted EBITDA144,114 153,235 449,393 390,527 
Less:
Current income tax expense(27,416)(30,766)(90,080)(80,928)
Capital expenditures(9,833)(6,499)(21,994)(10,387)
Free Cash Flow$106,865 $115,970 $337,319 $299,212 



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